Company No: 03284115 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investments	3	1		1
		1		1
Current assets
Debtors
- due within one year	4	1,847,937		1,123,474
- due after more than one year	4	0		722,000
Cash at bank and in hand		1,672		1,242
		1,849,609		1,846,716
Creditors: amounts falling due within one year	5	( 1,995,249)		( 1,302,111)
Net current (liabilities)/assets		(145,640)		544,605
Total assets less current liabilities		(145,639)		544,606
Creditors: amounts falling due after more than one year	6	0		( 685,837)
Net liabilities		( 145,639)		( 141,231)
Capital and reserves
Called-up share capital		1		1
Other reserves		43,294		43,294
Profit and loss account		( 188,934 )		( 184,526 )
Total shareholders' deficit		( 145,639)		( 141,231)

For the financial year ending 30 April 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of ICC (One) Limited (registered number: 03284115) were approved and authorised for issue by the Board of Directors on 29 July 2026. They were signed on its behalf by:

R J Underhill Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

ICC (One) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom. The principal place of business is The Old Rectory, 38 Broad Street, Ludlow, SY8 1NL.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £145,639. The Company is supported through loans from connected companies. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and connected companies will continue to support the Company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year	0		0

3. Fixed asset investments

	Other investments		Total
	£		£
Cost or valuation before impairment
At 01 May 2024	1		1
At 30 April 2025	1		1
Carrying value at 30 April 2025	1		1
Carrying value at 30 April 2024	1		1

4. Debtors

	2025		2024
	£		£
Debtors: amounts falling due within one year
Amounts owed by own subsidiaries	734,460		734,460
Amounts owed by connected companies	1,102,290		385,290
Amounts owed by directors	7,463		0
Corporation tax	3,724		3,724
	1,847,937		1,123,474
Debtors: amounts falling due after more than one year
Amounts owed by connected companies	0		722,000

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to connected companies	943,797		933,796
Amounts owed to related parties	365,615		365,615
Other loans	333,783		0
Accruals	0		2,700
Other creditors	352,054		0
	1,995,249		1,302,111

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other loans	0		333,783
Other creditors	0		352,054
	0		685,837

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed by directors	7,463		0

There is no interest charged on this loan and it is repayable on demand.

Other related party transactions

The Underhill 1983 Settlement Trust is deemed to be a related party of ICC (One) Limited as the directors are the beneficiaries of the Trust. At the balance sheet date there is an amount owing to the P J Underhill IIP Trust for £365,615 (2024: £365,615) and is included in creditors due within one year. There is also £685,837 (2024: £685,837) included within creditors due in more than one year due to the 1983 Underhill Settlement, main fund and Children's fund . Interest has not been charged on these loans during the year.